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CITY of ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. 5453 <br />RESOLUTION CALLING PUBLIC HEARING ON <br />REVENUE BOND PROJECT ON BEHALF OF <br />HILL SCHOOL OF MINNESOTA, INC. <br />BE IT RESOLVED, by the City Council of the City of Orono as follows: <br />1. This Council has authority under the provisions of Minnesota <br />Statutes, Sections 469.152 to 469.165 1, as amended (the "Act"), to issue its revenue note (the <br />"Note") of up to $800,000 in principal amount to finance improvements to Hill School of <br />Minnesota, Inc. (the "Borrower") after a public hearing in accordance with the Act. <br />2. The proceeds of the Note will be used to finance additions and <br />• improvements to the Borrower's existing pre -K through 9 educational facility located at 2180 <br />North Shore Drive, Orono, Minnesota and to refinance existing indebtedness incurred by the <br />Borrower. <br />3. The Note will be a limited obligation of the City of Orono and will <br />be payable solely from loan repayments to be made by the Borrower and any other security <br />pledged by the Borrower therefore. <br />4. A public hearing on the issuance of the Note is hereby called and <br />shall be held at 7:00 o'clock P.M. on Monday, May 8, 2006 at the Orono City Council Chambers, <br />2780 Kelley Parkway, Orono, MN 55356. The City Clerk is hereby authorized and directed to <br />cause notice of the hearing to be published once in the official newspaper and in a newspaper of <br />general circulation in the City at least 14 days prior to the hearing. <br />Adopted by the City Council of the City of Orono, Minnesota at a regular -meeting held on <br />April 10, 2006. <br />• •-• ATTEST: <br />Linda S. Vee, City Clerk <br />• <br />Barbara A. Peterson, Mayor <br />Page 1 of 1 <br />